When you’re drowning in mortgage payments after an accident, divorce, illness, or another tragedy, foreclosure can be scary. If you’re worried about your mortgage and the possibility of foreclosure, here are some foreclosure FAQs answered and how to sell your Orlando house before foreclosure.
Foreclosure Law in Orlando, FL
In most cases, a servicer can’t start a foreclosure until you’re at least 120 days past due on your payments. This gives you time to submit a loss mitigation application to the servicer.
A foreclosure starts when the lender files a suit to get a court order to sell the house. You usually have 20 days to respond. If you don’t reply, the lender will ask the court for, and probably get, a default judgment, allowing it to hold a foreclosure sale.
But if you choose to defend the foreclosure, the case will go to court. The lender might ask for a summary judgment. A summary judgment motion asks the court to rule in favor of the lender since there’s no dispute about key aspects of the case. If the lender wins the summary judgment, or you lose at trial, the judge will enter a judgment and order your house sold at auction.
The State of Florida gives the lender, usually the highest bidder at the foreclosure sale, the right to possession. When the clerk files the certificate of title, the lender can then file a motion for a writ of possession. When the court grants the motion, the clerk of court issues the writ, and the sheriff executes it. The sheriff will make you move out if you don’t.
“How do I sell my house in foreclosure in Florida?”
If you’re facing foreclosure, you have a couple of options in selling your house.
You can go the traditional route and list your house and hire a realtor. It can take months, or even years, to sell a house this way, and in a pre-foreclosure situation, you don’t have that time. With only a few weeks’ notice before the sheriff’s sale and a year or so of redemption, it would be hard to sell the house through a realtor on the traditional market.
In addition, there are several costs involved in the traditional route of home selling. Your home needs to look appealable to potential buyers, which means you might need to stage the home through maintenance and repairs. This option might not be a great idea, especially if you don’t have the budget for it.
Another option in selling your house is to sell it to a cash home buying company, which is quick, easy, and relatively painless. All you have to do is call the company and provide them with information on your house. Based on that information, they’ll give you a cash offer. They can also visit the property so that they could give a more reasonable estimate. Once you accept the offer, they’ll close in a matter of days or in your preferred schedule.
Before Selling Your House During Foreclosure
Get your lender’s permission before selling your house. Explain why you’ve fallen behind on your payments — if you’re not in default, the lender probably won’t agree to a short sale. Show them it’s not because you’re irresponsible or didn’t tell them everything about your finances.
The prospect of foreclosure can be scary, especially if it’s not your only problem. If you think that you’re about to face foreclosure, it’s probably a good idea to sell it before you get into further trouble. Selling might be the fresh start you need.
Get Your Cash Offer Today
At VDL Homes, Inc., we buy houses in Orlando, FL for cash. We buy your house off-market for the highest price, without requiring any work on the house. We’ve helped sellers in all kinds of situations—from those with a property dated or in need of repairs to those facing foreclosure.
We promise to provide peace of mind and support. Because we keep our costs low and take less profit than the competition, we can give you the most money. We’ll help you close on your timeline and give you the support you need.
Get a free, no-obligation cash offer on your house today. Call us at (407) 553-6950.